ExchangeRight Net-Leased Portfolio 69 DST
Net lease retail in Multiple states (8 states) — sponsored by ExchangeRight
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These links support the historical public record; individual details may come from different sources.
What is this, in one paragraph?
ExchangeRight Net-Leased Portfolio 69 DST is a closed Delaware Statutory Trust — a passive co-ownership vehicle whose interests qualify for 1031 exchanges — holding necessity-based net-leased retail across 11 markets. ExchangeRight announced the roughly $62 million offering was fully subscribed on August 4, 2025, and it no longer accepts new investors.2 Tenants include Kroger, Tractor Supply, and Dollar Tree.2
Minimum investment
$100k
Offering size
$33.1M
How much has sold
None sold yet
Financing
Not stated. The filings for this offering do not say whether it carries mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.
What exactly is the property?
Portfolio 69 is not a single building but a bundle of separate single-tenant retail properties spread across 11 markets, each leased to a national retailer.2 The sponsor's announcements name the tenants and give a portfolio square-foot total, but the reviewed public materials do not disclose the individual property addresses, so the specific sites are not established in the public record.
- Reported location
- Multiple states (8 states)
- Property size
- 11 long-term net-leased properties; 224,401 square feet
Who is the tenant, and what's the lease?
The buildings are occupied by national retailers including Kroger, Dollar General Plus, Tractor Supply, Sherwin-Williams, and Dollar Tree under long-term net leases, a structure in which tenants carry most property-level operating costs.2 ExchangeRight describes an initial weighted-average lease term of 15 years.2
How did it end?
Still operating
Net-Leased Portfolio 69 DST remains operating; fully subscribed Aug 4, 2025 and not listed in ExchangeRight's Full Cycle Returns PDF, while ExchangeRight's Mar 3, 2026 corporate press release confirmed all 126 offerings met projections with no loss of capital through Dec 31, 2025 [1][2][3].
Net-leased retail portfolio across 11 markets in 8 states; tenants include Kroger, Dollar General Plus, Tractor Supply, Sherwin-Williams, and Dollar Tree; weighted average lease term ~15 years; current annualized distribution rate 5.00%; intended for potential acquisition by ExchangeRight's Essential Income REIT (via 721 exchange, 1031 exchange, cash-out, or combination); offering size ~$62 million; closed offering.
11 long-term net-leased properties; 224,401 square feetSupporting evidence
Counted on ExchangeRight’s Record Card as: No outcome recorded · under 7 years Document
How is it financed, and what does it pay?
The reviewed record is silent on capital structure: neither the Form D nor the sponsor's subscription announcements state whether mortgage debt was placed on the portfolio, or name a lender.
Who's behind it?
ExchangeRight sponsors a long-running series of net-leased DST programs and also operates its own non-traded REIT, the Essential Income REIT, which functions as a potential aggregator of those portfolios. The sponsor states Portfolio 69 was structured to be compatible with a future acquisition by that REIT, which could give investors a 721 exchange — contributing property interests for REIT units on a tax-deferred basis — or alternatively a 1031 exchange or cash-out, and says those outcomes are not guaranteed.2
- Sponsor
- ExchangeRight
- May convert to a REIT
- Yes
- Offerings from this sponsor
- 23 active / 60 total offerings from ExchangeRight
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
ExchangeRight offered the trust under Rule 506(b), the private-placement exemption that bars public advertising and limits sales to accredited investors with a pre-existing relationship to the sponsor or its selling broker-dealers. The offering amount reported on the Form D is smaller than the $62.04 million the sponsor described when the raise closed.3
- Form D filedFirst and latest filing on record.
- Legal Trust name
- ExchangeRight Net-Leased Portfolio 69 DST
- Filings on record
- 1
- How it may be offered
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
- Source filing
- Read the filings on SEC EDGAR
A Form D is the notice a sponsor files when it starts raising money. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
DST interests are illiquid private securities. You may lose some or all of your investment. Distributions, tax treatment, and exit timing are not guaranteed. Review the current Private Placement Memorandum before investing.
Common questions
What happened to ExchangeRight Net-Leased Portfolio 69 DST?
ExchangeRight Net-Leased Portfolio 69 DST is a Historical offering: its latest SEC filing is outside the Active window. The outcome and source documents are shown separately.
Where does Top1031 get the data for ExchangeRight Net-Leased Portfolio 69 DST?
Top1031 builds this record from the sponsor’s own SEC filings and cited sponsor disclosures. Filings can lag what is happening now. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Can I still invest in ExchangeRight Net-Leased Portfolio 69 DST?
No. ExchangeRight announced on August 4, 2025 that the trust was fully subscribed and no longer accepting new investors, and independent trade press reported the same the following day. It is a historical, closed offering; anyone mid-exchange would need to look at the sponsor's currently raising programs instead.
What does the trust actually own?
ExchangeRight describes 11 long-term net-leased retail properties totaling 224,401 square feet across 11 markets in eight states, occupied by national tenants including Kroger, Dollar General Plus, Tractor Supply, Sherwin-Williams and Dollar Tree. The sponsor's public materials reviewed here do not list the individual street addresses.
Why does the SEC filing show a smaller offering amount than the $62 million announced?
The Form D filed January 13, 2025 reports the equity amount the issuer registered at the time of filing, which can be filed early, amended, or cover only a portion of the total capitalization. ExchangeRight's own August 4, 2025 announcement and video describe the completed offering as approximately $62 million, or $62.04 million. Only one Form D appears on the SEC record for this trust, so the filing was never amended upward.
What is the intended exit?
ExchangeRight says the portfolio is designed to be compatible with a potential future acquisition of its properties by the sponsor's Essential Income REIT, at which point investors could have the opportunity to pursue a tax-deferred 721 exchange into REIT units, a 1031 exchange into other replacement property, a cash-out, or a combination. The sponsor expressly states these objectives and exit strategies are not guaranteed, and no completed REIT acquisition of this portfolio appears in the reviewed record.
Has any outcome been reported since the offering closed?
No outcome has been reported in the sources reviewed. There is no primary record of a sale, a REIT roll-up, a refinancing, or a default for this trust, and the SEC file contains a single Form D with no later filings. The trust's current operating status is not independently established.
What does 'fully subscribed' mean here?
It means the sponsor says the equity it set out to raise was fully committed by investors and the offering was closed to new subscriptions as of August 4, 2025. It is a statement about the raise, not a statement about property performance or investor returns.
Chapter 9ExchangeRight Fully Subscribes $62M Net-Leased Portfolio 69 DSTConnect CRE/Connect Money trade article confirming the full subscription of Net-Leased Portfolio 69 DST, noting 11 properties totaling over 224,000 sf across 11 markets in eight states tenanted by Kroger, Dollar General Plus, and other national necessity-based retailers.